A venture led by Ultima Hospitality has purchased the 234-room Hyatt Place San Jose.
The newly renovated hotel is strategically located on 1.86 acres in the heart of downtown San Jose directly across from the recently renovated and expanded McEnery Convention Center. In 2012, the hotel underwent a comprehensive $7.3 million dollar renovation/rebranding to a Hyatt Place that included updating the property to a more contemporary design. The Hyatt Place San Jose offers two food and beverage outlets, 6,900 square feet of meeting space, parking in an attached 261-space parking garage and guest amenities that include a fitness center, and complimentary Wi-Fi throughout the hotel.
The acquisition of the Hyatt Place San Jose represents Ultima Hospitality’s fourth hotel acquisition in the Bay Area having also acquired the Westin San Francisco Airport, Aloft San Francisco Airport and Holiday Inn Express Mill Valley over the last 36 months. The acquisition presented the opportunity to invest in one of the most diverse and fastest growing markets in the country at an attractive basis.
Ultima Hospitality L.L.C., the hotel investment and management division of Waterton Associates, L.L.C., is a select and full service hotel owner and operator focused on identifying and executing value-add opportunities nationwide. Ultima’s senior leaders each have over 15 years’ experience investing in and managing hotel investments in major U.S. markets. An approved operator of some of hospitality’s best brands, Ultima focuses on creating the optimal guest experience while maximizing total return on investment. Waterton Associates is headquartered in Chicago with seven regional offices in the U.S. and manages over $3.5 billion in real estate investments, including Ultima’s portfolio of eleven hotels.